Snap (SNAP) reported the dog of a quarter on Thursday that anyone with a calculator and some commonsense could have saw coming. 

In fact, here is what we had to say on Monday about the setup into the numbers:

"Snap Inc.'s stock is likely to remain a dog right into earnings this week and thereafter -- and it's not all due to insiders possibly getting ready to dump stock.

No, it's that Wall Street is about to get yet another look into Snap's performance, and will probably come away holding their nose. Across the board, Snap appears ready to disappoint -- for example:

  • The bottom-line loss could be much larger than Wall Street expects due to stock compensation expenses and outlays to build out the platform.
  • User growth will probably be a letdown, again, as Facebook's (FB) Instagram has continued to steal eyeballs.
  • If sales miss, it will only fuel the debate on Snap's ability to monetize.

All in all, Wall Street is unlikely to give Snap the benefit of the doubt on anything. The company is failing on its mission to be a camera company, it's failing to win the hearts of Wall Street and, by all outward signs, it's failing at staying a social media juggernaut. Not a backdrop for a rip-roaring stock rally."

Snap shares tanked more than 13% in response on Friday, a justified reaction by an already skeptical Wall Street. The camera company -- or is it a social media company -- did zilch to quiet the bears. User growth is slowly sharply and average revenue per user (ARPU for you acronym fans out there) is no great shakes. The cash pile has been lit aflame as Snap builds out its headcount and capital expenditures.

In short, this is still one stinky stock because it's still one stinky company with an unsure future. Get ready to hit that buy button Facebook (if not having done so already).  

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